Pair ping-pongs between moving average levels
The USDJPY has moved lower in trading today on the back of weaker equities and lower yields (from coronavirus fears).
Technically, the price fell below its 100 hour moving average (blue line currently at 109.825), and started to probe further to the downside. The move lower did find dip buying support. however. against its 200 hour moving average (green line currently at 109.626). Buyers of the last 4 more 5 hours have been able to push the price back up to retest the broken 100 hour moving average (blue line). Sellers leaned against that level too.
So a battle is going on as the price ping-pongs between its 100 and 200 hour moving averages.
Stocks will be opening in about 4 minutes. The major indices are off the lowest premarket levels. US yields are also recovering a bit. The 10 year yield is at 1.620%. It moved as low as 1.566%. Gold remains elevated at $1574.40. It moved as high as $1577.55 but traded as low as $1563.71.
